Bitcoin is considered to be one of the safest digital currencies to invest in because of a few key reasons. It holds a tremendous amount of value being the first cryptocurrency and has global recognition and established adoption.
- The cryptography makes the currency secure and impenetrable. You are more likely to get struck by lightning twice than someone getting access to your wallet.
- The ease of transferability provides liquidity and seamless access to funds wherever you are around the globe.
- The value of the asset is more than likely to only increase due to there being a scarce, or fixated supply.
Bitcoin has been around since 2009 and since, 17 million of these coins have been mined through the use of heavy-duty computing to solve algorithmic hashes, which is a fancy way of saying using computers to guess as many possible outcomes to solve for the correct answer.
The miners, or people using these computers to solve these advanced mathematical based equations get compensated for securing the network through validating transactions and preventing breaches of security within the network. Its’ now estimated the Bitcoin network takes up 1% of the entire global population energy consumption. That’s huge!
Continuous adoption across merchants, financial institutions, and the general public have allowed Bitcoin to hold a significant amount of value that’s uncorrelated to anything else, no other government issued currency or commodity is like Bitcoin, it’s a unique store of value and is accepted by millions of people.
The technology is rapidly improving. Not only are developers working on technological improvements that make the digital currency more simple and easy to use, but the entire ecosystem as a whole are building applications and a better means of making the cryptocurrency more adoptable and simple to understand.
CoinJolt, for example, is working on an email based application where all you’ll need is a person’s email address to send or receive Bitcoin. Instead of having to copy and paste a 256 string of letters and numbers, you can simply tie in your wallet with your email address and verify transactions through a set unique password, SMS verification or through the use of Google Authenticator.
The fact that the digital currency is more secure than any other currency around the globe gives opportunities for investors to secure a position in an asset that’s poised to only increase in value multiple times over is something you don’t run across every day.
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Images courtesy of CoinJolt
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